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Saudi Has Capacity To Replace EU's Iran Oil -CGES

Saudi Has Capacity To Replace EUs Iran Oil -CGES
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Δευ, 23 Ιανουαρίου 2012 - 18:22
Saudi Arabia has more than enough spare oil production capacity to step in and fill the gap when the European Union imposes its ban on Iranian oil imports in July, says Leo Drollas, Chief Economist of the Center for Global Energy Studies.
Saudi Arabia has more than enough spare oil production capacity to step in and fill the gap when the European Union imposes its ban on Iranian oil imports in July, says Leo Drollas, Chief Economist of the Center for Global Energy Studies. 
"This is the one country in Opec that can deliver," he says. The Saudis have around 2.5 million barrels a day of spare capacity and will not have to replace all the 450,000 barrels a day of Iranian oil banned by Europe , he says. "Iranian oil will leak out into the world system via various routes...embargoes are never completely watertight," he says.

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